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I've been thinking a lot lately about buying a new wood burning furnance...a highly effecient wood/oil combo with a 500gal heat(water)storage tank...it costs close to $15K (ouch). I have enough wood on my property to last many, many lifetimes, and for now anyway, I enjoy harvesting it. (so its basically free).
I currently use about 1500 gallons of oil per year.
At current prices, that means, about $3000 a year savings, or a 5 year payback....if oil costs rise to $3/gallon (not impossible imo), a 2.5 year payback...if oil drops to $1.00 a gallon again, it takes about 10 years and no longer seems like investing $15K makes sense...
What appeals to me most are 2 things: one, never having to purchase oil again, and not worrying about what the future holds (i.e. being energy independent, at least as far as heat & hot water)...and second, the possibility of coming out ahead financially....one the payback period is over, at $2/gallon, I save something like $250/month, every month, for as long as I am able to process the wood...
Opinions?
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